Apollo Global Management plans to raise as much as $417 million in an initial offering as it seeks to join private equity firms Blackstone Group and KKR & Co. on the New York Stock Exchange.
The firm is selling 18 million new shares for $17 to $19 each, the company said Monday. Banks underwriting the offer have the option to buy an additional 3.94 million shares.
Apollo will join KKR and Blackstone more than three years after selling shares through a private exchange. KKR last year moved trading of its shares to New York after combining with its public fund. The firms are seeking outside shareholders after the two-year bull market in stocks and a rally in credit markets revived buyouts.
KKR has gained 59% since its July listing in New York. Blackstone, which went public before the financial crisis, has risen 64% over the same time period, although it's still trading 45% below its June 21, 2007, offering price.
Apollo said it will use the proceeds for general corporate purposes and to fund expansion plans. The firm, led by Leon Black, postponed the start of the offering last week after the crisis in Japan spurred a plunge in global markets, two people with knowledge of the offering said at the time.
Current shareholders plan to sell 8.26 million shares existing shares as part of the offering. Apollo's management and employees are not selling at this time, the company said.